Centre to launch new spherical of PLI scheme for metal sector on January 6

File image of Union Minister Of Metal and Heavy Industries H.D. Kumaraswamy.
| Picture Credit score: The Hindu

The Union authorities is ready to launch one other spherical of production-linked incentive (PLI) scheme for the metal sector, Union Ministry of Metal mentioned in a press release on Sunday (January 5, 2025).

Union Minister of Metal and Heavy Industries H.D. Kumaraswamy will launch the ‘PLI scheme 1.1’ on Monday (January 6, 2024), the assertion mentioned .

“Union Minister of Metal and Heavy Industries…will launch ‘PLI scheme 1.1’ for the metal trade and name for purposes…on January 6,” the Metal Ministry mentioned in a press release.

The Centre had earlier launched the PLI scheme to encourage home manufacturing of specialty metal and decrease imports by drawing in capital investments.

Initially launched for 3 sectors to handle the necessity to increase home manufacturing throughout COVID-19 lockdown, the PLI scheme was later prolonged to incorporate metal in November 2020.

The scheme has attracted investments value ₹27,106 crore, envisaging creation of 14,760 direct employment alternatives with an estimated manufacturing of seven.90 million tonnes of specialty metal.

As of November 2024, firms have already invested ₹18,300 crore and generated over 8,660 employment alternatives.

The Union authorities has been interacting recurrently with the collaborating firms and primarily based on suggestions, it was felt that there was a scope to inform the scheme once more to draw extra participation, the Ministry assertion mentioned.